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|FOR IMMEDIATE RELEASE||Contact:||Alan D. Eskow|
|Senior Executive Vice President and|
|Chief Financial Officer|
VALLEY NATIONAL BANCORP REPORTS SOLID FOURTH QUARTER EARNINGS
AND RECORD LOAN ORIGINATIONS
WAYNE, NJ January 30, 2013 Valley National Bancorp (NYSE:VLY), the holding company for Valley National Bank, today reported net income for the fourth quarter of 2012 of $36.8 million, or $0.19 per diluted common share as compared to the fourth quarter of 2011 earnings of $24.5 million, or $0.14 per diluted common share. All common share data presented in this press release, including the earnings per diluted common share data above, were adjusted for a five percent stock dividend issued on May 25, 2012.
Net income for the year ended December 31, 2012 was $143.6 million, or $0.73 per diluted common share, compared to 2011 earnings of $132.5 million, or $0.74 per diluted common share.
Key highlights for the fourth quarter:
Mortgage Banking Activities: Residential mortgage loan originations (including both new and refinanced loans) totaled a record high $531 million for the fourth quarter and were up almost 18 percent as compared to a strong third quarter of 2012. Valley sold approximately $389 million of residential mortgages during the fourth quarter, up slightly from the third quarter of 2012. However, gains on sales of residential mortgage loans fell $9.5 million to $15.6 million for the fourth quarter of 2012 as compared to $25.1 million for the third quarter of 2012 mainly due to a decline in mark to market gains on our loans held for sale carried at fair value caused by changes in the volume of such loans held at the beginning and end of each quarter. We expect the mortgage loan pipeline to continue to be robust during the first quarter of 2013 due to the historically low market interest rates, a continued housing market recovery and the proven success of Valleys low fixed-price refinance programs.
Trading Mark to Market: Net trading gains and losses mainly represent non-cash mark to market gains and losses on our junior subordinated debentures carried at fair value. Net trading gains recognized for the fourth quarter of 2012 were $2.2 million and increased approximately $2.2 million and $3.0 million from the third quarter of 2012 and the fourth quarter of 2011, respectively.
Investments: We recognized no other-than-temporary impairment charges in earnings during the fourth quarter as compared to $4.7 million ($2.7 million after taxes, or $0.01 per common share) during the third quarter of 2012 and $19.1 million ($11.7 million after taxes, or $0.07 per common share) during the fourth quarter of 2011. Our net gains on securities transactions were immaterial for the fourth quarter of 2012 as compared to $1.5 million ($937 thousand after taxes, or less than $0.01 per common share) in the third quarter of 2012 and $12.0 million ($7.2 million after taxes, or $0.04 per common share) during the fourth quarter of 2011.
The following information was filed by Valley National Bancorp (VLY) on Wednesday, January 30, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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